One common aspect of financial crises is the discovery of unexpected linkages between asset classes and hidden leverage, which generally come to light only after the fact. Correlation between diverse assets can often be much closer than your models might suggest.

With such a fast and big move (especially in relative terms) in interest rates in the past six to nine months, it is surprising that nothing significant has broken yet — save from the LDI debacle, which was a grey swan and somewhat known.